Non-agency MBS hit the market ahead of Thanksgiving; rating upgrades possible with new commercial MBS methodology at Moody’s; timeshare securitization performance stable; Fitch extends comment period for proposed criteria to rate shipping container ABS; California launches tobacco-settlement securitization.

Issuance of CLOs is surging as investors gain confidence in the asset class. Refinances of deals issued two years ago are also helping.

Although only $4.5 billion of TALF funding was requested during the facility’s pandemic-related course, the Federal Reserve program is credited with stabilizing the ABS market.

After a lapse at the beginning of the pandemic, commercial PACE lending and the associated ABS offerings have grown steadily.

An affiliate of Fortress Investment Group is set to issue its first single-family rental securitization.

At one point during the pandemic, used car prices were up 50% year over year. Now, appreciation is around 20%, prompting speculation that auto ABS performance will take a hit.

The two restaurant chains will use the ABS proceeds to largely pay down their previous deals. The Taco Bell issuance received a higher rating than Hooters.

The SFR giant is gearing up to buy thousands of newly constructed homes, which means it’s headed to the capital markets to finance the maneuver.

Mortgage securitizations from Freedom Mortgage and New Residential Investment are backed by servicing fees, while Rapid Financial Services is peddling its first small-business ABS since 2018.

Asian auto ABS issuers fare better on greenhouse gas scores because they have relatively lower truck/SUV concentrations than U.S. companies, according to KBRA.